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Fair Chocolate Trade
More than half of the global cocoa supply comes from the Ivory Coast. Moreover, it is estimated that 500,000 children exercise labor to support the market demands on the market. The practice is illegal and unethical, so specific measures can be implemented on an international, national, and consumer level. On the one hand, various countries can impose trade restrictions on the Ivory Coast due to the governments inability to control who enters the workforce and which conditions are put in place for workers (Geringer, McNett, Minor, & Ball, 2016). However, the measure will result in a major economic downfall in the region already experiencing financial problems. The international community can also implement quantitative barriers in regard to the numeric limit of goods that can be exported from said region.
On a national level, the government can ensure fair competition and the protection of workers by implementing a set of strict policies. Thus, by ensuring competition in the market, employers would not have to resort to using child labor due to the low costs correlating with this tactic. On a consumer level, individuals can be more mindful of the products they purchase. I support all implementations because they are evidence-based and centered around ethical business practices, with the exception of international restrictions, which would negatively affect the Ivory Coast population as a whole.
European Union General Data
The European Union General Data Protection Regulation has been implemented to protect the data correlating with the residents of the EU countries. Thus, it does not imply that the regulation protects US citizens. However, a concept that links the two elements is the extraterritorial application of laws (Geringer, McNett, Minor, & Ball, 2016). Thus, a European Union resident who resides in the US or works for a company from the States is still protected under the law. As a result, it can be stated that implications exist regarding the regulation being valid in US businesses if the employees are from a country that is a member of the EU.
Extraterritoriality is a term highlighting the privilege of being exempt from a particular jurisdiction despite it being territorially applicable due to the fact that they are citizens of different countries. The notion should be allowed concerning EU regulations being applied to EU citizens abroad as it ensures the protection of rights, especially in regions in which such concepts are not the primary concern of those governments. As a result, US regulations should also apply to Americans residing in different countries.
Best Ways to Measure a Nations Development
A nations development can be assessed in two main ways: by considering the economy and by considering the people. In regards to the economy, researchers suggest determining the gross national income, hence, the value generated by all the residents of the country (Geringer, McNett, Minor, & Ball, 2016). Needless to say, it also requires consideration in the informal economy, which is relatively difficult to measure in certain countries where the field is a predominant economic driver. However, factors such as inflation and income distribution are not considered when focusing on the countrys income. Hence, an effective way of measurement of development is through the assessment of ones quality of life. For example, the Human development index can be applied.
Chinas Future Economic Recovery
Chinese consumers are becoming more potent in regards to distributing their expenses and spending more finances on different segments. On the one hand, it is inevitable that the financial recovery can be attributed to the growing gross national income and the fact that the national economy is developing. Moreover, consumers have more access to disposable income, which is shared between acquiring non-essential and essential goods (Geringer, McNett, Minor, & Ball, 2016). Regarding socioeconomic and economic elements contributing to the development of the financial sector of the country, globalization of trends for younger people and the overall improvement in income, precisely disposable income, are to be considered.
References
Geringer, J. M., McNett, J. M., Minor, M., & Ball, D. A. (2016). International Business. New York, NY: McGraw-Hill Education.
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